SOURCE: Neste Oil Oyj

April 28, 2009 02:30 ET

Neste Oil's Interim Report for January-March 2009

ESPOO, FINLAND--(Marketwire - April 28, 2009) -


- Comparable operating profit of EUR 56 million (Q1/2008: 119 million)

First quarter in brief:

- Diesel margins were down by almost 40% year-on-year

- Demand for transportation fuels was lower on the company's home markets

- Total refining margin of USD 9.44 /bbl (1-3/08: 11.91)

- Comparable operating profit halved to EUR 56 million (1-3/08: 119 million)

- IFRS operating profit of EUR 95 million (1-3/08: 204 million)

- Cash flow from operations improved to EUR 17 million (1-3/08: -113 million)

- Major organizational restructuring initiated to improve efficiency and customer orientation and put focus on the corporate strategy


President & CEO Matti Lievonen:

"The economic recession is now clearly being reflected in lower demand for petroleum products. Oil refiners feel the impact of this clearly because the market downturn is amplified by new capacity due to come on stream this year and next year. We have seen the largest drop in demand in the diesel market, which is very much tied to industrial activity and logistics. This was especially true in March, which was a difficult month, and the market situation has not improved during April."

"Our major restructuring is, in part, a response to these challenges, as it is designed to give us a more efficient and customer-oriented structure that will enable us to implement our growth strategy more effectively. We remain very much committed to seeing through our ongoing projects to increase our NExBTL renewable diesel capacity and grow the business."

"I am happy to announce that we have recently received our first batch of RSPO-certified palm oil. This is further evidence of Neste Oil's strong commitment to sustainable products, processes and procedures."

Further information:
Matti Lievonen, President & CEO, tel. +358 10 458 11
Ilkka Salonen, CFO, tel. +358 10 458 4490

News conference and conference call

A press conference in Finnish on the first quarter results will be held today, 28 April 2009, at 11:30 am EET at the company's headquarters, Keilaranta 21, Espoo. www.nesteoil.com will feature English versions of the presentation materials. A conference call in English for investors and analysts will be held today, 28 April 2009, at 3:00 pm Finland / 1:00 pm London / 8:00 am New York. The call-in numbers are as follows: Europe: +44 (0)20 3023 4426, US: +1 866 966 5335. A webcast of the call can be found at company's web site. Use the password: Neste Oil. An instant replay of the call will be available for one week at +44 (0)20 8196 1998 for Europe and +1 866 583 1035 for the US, using access code 725434.


NESTE OIL FINANCIAL STATEMENTS, 1 JANUARY - 31 MARCH 2009

1-3/2009 and 1-3/2008 unaudited, full year 2008 audited

Figures in parentheses refer to the first quarter of 2008, unless otherwise stated.


KEY FIGURES

EUR million (unless otherwise noted)

                           1-3/2009 1-3/2008 10-12/2008   2008    LTM
Revenue                       2,053    3,297      2,805 15,043 13,799
Operating profit before                                           296
depreciation                    150      263       -297    409
Depreciation,                                                     219
amortization, and
impairments                      55       59         55    223
Operating profit                 95      204       -352    186     77
Comparable operating                                              539
profit *                         56      119        103    602
Profit before income tax         81      191       -382    129     19
Earnings per share, EUR        0.24     0.56      -1.14   0.38   0.06
Investments                     174       82        185    508    600
Net cash from operating                                           642
activities                       17     -113        486    512


                           31 March 31 March            31 Dec
                               2009     2008              2008    LTM
Total equity                  2,229    2,316             2,179      -
Interest-bearing net debt     1,217    1,212             1,004      -
Capital employed              3,491    3,591             3,237  3,491
Return on capital employed                                        2.6
pre-tax (ROCE), %              11.7     24.0               6.1
Return on average capital
employed after tax                                               11.6
(ROACE),%                         -        -              13.1
Return on equity (ROE), %      11.1     24.2               4.4    0.8
Equity per share, EUR          8.67     9.03              8.48      -
Cash flow per share, EUR       0.07    -0.44              2.00   2.51
Equity-to-assets ratio, %      44.9     44.2              46.3      -
Leverage ratio, %              35.3     34.3              31.5      -
Gearing, %                     54.6     52.3              46.1      -

* Comparable operating profit is calculated by excluding inventory gains/losses, capital gains/losses, and unrealized changes in the fair value of oil and freight derivative contracts from the reported operating profit.

The Group's financial results

Revenue at the Neste Oil Group totaled EUR 2,053 million in the first quarter of 2009, which represents a 38% reduction compared to EUR 3,297 million in the same quarter of 2008 and resulted from significantly lower petroleum product prices.

The Group's comparable operating profit was EUR 56 million. The drop compared to the EUR 119 million posted in the first quarter of 2008 was largely a consequence of a weaker total refining margin and unfavorable US dollar hedging.

Oil Products' first-quarter comparable operating profit was EUR 64 million (113 million), Renewable Fuels' EUR -7 million (2 million), Oil Retail's EUR 12 million (9 million), and Others' EUR -11 million (-8 million). Others includes profits from associated companies and joint ventures (Nynas AB), which totaled EUR -7 million (1 million).

Operating profit under IFRS was EUR 95 million (204 million) in the first quarter. In addition to a lower comparable operating profit, the decline compared to the figure for 2008 resulted from changes in the fair value of open oil derivatives.

The first-quarter profit before taxes was EUR 81 million (191 million), net profit for the period was EUR 61 million (143 million) and earnings per share were EUR 0.24 (0.56).

Given the capital-intensive nature of its business, Neste Oil uses return on average capital employed after tax (ROACE) as its primary financial target, based on comparable results. At the end of March, the rolling twelve-month ROACE was 11.6% (31 March 2008: 14.1%).



                                     1-3/09 1-3/08 10-12/08 2008  LTM
COMPARABLE OPERATING PROFIT              56    119      103  602  539
- inventory gains/losses                 76     75     -467 -453 -452
- changes in the fair value of open
oil derivatives                         -37      2       10   24  -15
- capital gains/losses                    0      8        2   13    5
OPERATING PROFIT                         95    204     -352  186   77

Capital expenditure and financing

Investments totaled EUR 174 million in the first quarter (82 million). Oil Products' capital spending was EUR 43 million (33 million), Renewable Fuels' EUR 123 million (27 million), and Oil Retail's EUR 4 million (8 million). Depreciation was EUR 55 million (59 million).

The Group's interest-bearing net debt was EUR 1,217 million at the end of March (31 Dec 2008: EUR 1,004). Net financial expenses between January and March were EUR 14 million (13 million). The Group will capitalize interest expenses related to major investment projects during 2009. The average interest rate of borrowings at the end of March was 2.8%, and the average maturity 3.8 years.

Net cash from operating activities between January and March was EUR 17 million (-113 million). Around EUR 150 million was tied in contango storages of crude and products at the end of March. The equity-to-assets ratio was 44.9% at the end of the period (31 Dec 2008: 46.3%), the leverage ratio 35.3% (31 Dec 2008: 31.5%), and the gearing ratio 54.6% (31 March 2008: 46.1%).

Cash and cash equivalents and committed, unutilized credit facilities amounted to EUR 1,485 million at the end of March (31 Dec 2008: 1,536 million). The company sees no major refinancing needs until 2012. Short-term financing needs will continue to be met by revolving credit and overdraft facilities. There are no financial covenants in existing loan agreements.

In accordance with its hedging policy, Neste Oil has hedged the majority of its net foreign currency exposure for the next 12 months, mainly using forward contracts and currency options. The most important hedged currency is the US dollar.

Market overview

After collapsing in the second half of 2008, crude oil prices stabilized at around USD 45-50 /bbl. Price differentials between heavier and lighter crude have been quite narrow, reflecting developments such as the cuts in production of heavier grades instituted by OPEC.

Refining margins weakened on the back of the worsening global economy and falling product demand.

Gasoline margins recovered from the lows seen in late 2008, due mainly to reduced production, as well as relatively stable demand thanks to lower consumer prices.

Demand for middle distillates was hit by the economic recession, and margins for diesel and other middle distillates fell throughout Q1. High inventories in the US and Europe also contributed to low margins.

European margins on high-sulfur fuel oil were supported by reduced supply and steady demand in Asia.

Demand for gasoline and diesel on the Finnish retail market fell by 3% and 6% respectively during the first two months of the year. The drop in diesel demand from trucking companies has been even steeper. Demand has fallen even more in the Baltic countries.

Biofuel prices were lower in the first quarter compared to the same quarter in 2008 and the price differentials between biofuel feedstocks have narrowed. The implementation of the EU's Renewable Energy directive in member countries is expected to start in May.

Oil freight rates have almost halved in both the crude and product market compared to the first quarter of 2008.

Key drivers

                      1-3/09 1-3/08 10-12/08   2008 April 09 April 08
IEA Brent cracking
margin, USD/bbl         2.34   3.26     4.91   4.90     1.18     6.59
Neste Oil total
refining margin,
USD/bbl                 9.44  11.91    15.05  13.39     n.a.     n.a.
Urals-Brent price
differential, USD/bbl  -1.17  -2.91    -1.82  -2.95    -1.88    -4.05
NWE Gasoline margin*,
USD/bbl                 6.39   5.80     2.69   5.34      9.4     7.29
NWE Diesel margin*,
USD/bbl                15.38  25.33    28.04  31.23     12.2    36.51
NWE Heavy fuel oil
margin*, USD/bbl       -8.77 -27.44   -16.16 -25.16     -8.9   -32.67
Brent dated crude
oil, USD/bbl           44.40  96.90    54.87  96.98    50.44   108.97
USD/EUR exchange rate   1.30   1.50     1.32   1.47     1.32     1.58
Crude freights,
Aframax WS points         83    146      144    179       72      209

*Product margins Platt's fob Rotterdam

Production and sales

Neste Oil refined a total of 3.7 million tons (3.8 million) of crude oil and feedstocks in the first quarter, of which 3.1 million tons (3.1 million) at Porvoo and 0.6 million tons (0.7 million) at Naantali. The Porvoo refinery operated at a crude distillation capacity utilization rate of 90% (94%) during the quarter; while Naantali operated at 86% (99%) utilization, as a result of planned maintenance outages.

The proportion of Russian Export Blend in Neste Oil's total refinery input was 63% (64%) in the first quarter.

The proportion of diesel in Neste Oil's sales structure remained at close to 40%. Some diesel volumes were stored for sale later. The majority of gasoline stored in late 2008 was sold during the first quarter, mostly to North America.

At the end of March, Neste Oil's contango storage consisted of 550,000 tons (over 4 million barrels) of crude and products.


Neste Oil's sales from in-house production, by product category (1,000 t)


                        1-3/09   % 1-3/08   % 10-12/08   %   2008   %
Motor gasolines            940  27    794  24    1,052  28  4,056  28
Gasoline components         64   2     78   2       33   1    253   2
Diesel fuel              1,306  38  1,383  42    1,585  42  5,583  38
Jet fuel                   148   4    137   4      154   4    658   5
Base oils                   57   2     76   2       58   2    278   2
Heating oil                223   6    180   5      245   7    763   5
Heavy fuel oil             354  10    207   6      220   6    981   7
LPG                         59   2     98   3       70   2    340   2
NExBTL renewable diesel     31   1     18   1       19   1     94   1
Other products             246   7    304   9      317   8  1,565  11
TOTAL                    3,430 100  3,274 100    3,754 100 14,571 100



Neste Oil's sales from in-house production, by market area (1,000 t)

                       1-3/09   % 1-3/08   % 10-12/08   %   2008   %
Finland                 1,860  54  1,768  54    1,942  52  7,537  52
Other Nordic countries    537  16    427  13      607  16  2,056  14
Other Europe              558  16    744  23      734  20  3,028  20
USA & Canada              472  14    266   8      467  12  1,857  13
Other countries             3   0     68   2        3   0     94   1
TOTAL                   3,430 100  3,274 100    3,754 100 14,571 100


SEGMENT REVIEWS

As of 1 April 2009, Neste Oil's businesses are grouped into four reporting segments: Oil Products, Renewable Fuels, Oil Retail, and Others. Quarterly figures for 2008 according to these segments were published on 23 April 2009.


Oil Products

Key figures

                                 1-3/09 1-3/08 10-12/08   2008    LTM
Revenue, MEUR                     1,582  2,715    2,221 12,641 11,508
Comparable operating profit,
MEUR                                 64    113      154    602    553
Operating profit, MEUR              106    197     -301    183     92
Total refining margin, USD/bbl     9.44  11.91    15.05  13.39  12.69

Oil Products' first-quarter comparable operating profit was EUR 64 million (113 million). This decrease resulted from a lower total refining margin and unfavorable US dollar hedging. Neste Oil's total refining margin was USD 9.44 /bbl during the quarter, compared to USD 11.91 /bbl in the corresponding quarter of 2008. All the main drivers affecting the total refining margin (diesel margin, price differential between Urals and Brent crude, and the IEA Brent cracking reference margin) were weaker year-on-year.

Demand for base oils decreased by 25% compared to the first quarter of 2008, but this was somewhat offset by higher margins. The slight recovery seen in the US gasoline market and lower feedstock prices have helped the gasoline components business and iso-octane in particular.

The fleet utilization rate remained high at 93%, but the collapse of freight rates meant that the shipping business made only a minimal contribution to the bottom line. This was further diluted by the closing of freight derivative positions, which had a EUR 3 million negative effect.

Oil Products' 12-month comparable return on net assets was 19.4% (19.8%).

Renewable Fuels

                                  1-3/09 1-3/08 10-12/08 2008 LTM
Revenue, MEUR                         24     23       20  116 117
Comparable operating profit, MEUR     -7      2      -10    2  -7
Operating profit, MEUR               -10      1       -9    2  -9

Renewable Fuels' first-quarter comparable operating profit was EUR -7 million (2 million). Margins for renewable diesel were lower year-on-year as a result of lower product prices and termination of fixed-priced feedstock contract. The price premium of NExBTL renewable diesel over conventional biodiesel remained healthy. The segment's higher costs relate to expansion of the business and R&D.

NExBTL renewable diesel has been approved and registered in the most important European markets, as well as in the US and Canada.

Renewable Fuels' 12-month comparable return on net assets was -2.3% (-4.7%).


Oil Retail

Key figures

                                   1-3/09 1-3/08 10-12/08  2008   LTM
Revenue, MEUR                         691    948      915 4,073 3,816
Comparable operating profit, MEUR      12      9       -5    22    25
Operating profit, MEUR                 12     11       -6    25    26
Total sales volume*, 1,000 m3       1,021  1,056    1,141 4,358 4,318
- gasoline station sales, 1,000 m3    329    334      376 1,479 1,474
- diesel station sales, 1,000 m3      320    341      356 1,406 1,385
- heating oil, 1,000 m3               214    198      219   759   775
- heavy fuel oil, 1,000 m3             89     97      105   356   348

*includes both station and terminal sales

Oil Retail's comparable operating profit increased to EUR 12 million (9 million) in the first quarter, thanks in large part to good margins in northwestern Russia. This more than offset the negative development seen in sales volumes, which affected all products except heating oil.

Sales volumes of gasoline were lower on the Finnish market than during the same quarter in 2008. In the diesel area, the largest reduction was seen in trucking, while sales to private motorists increased. Margins were broadly flat on the Finnish market. Lubricant sales have been hit significantly by soft demand.

Volumes increased a little outside Finland, thanks to new stations opened around the Baltic Rim in 2008 and the efficiency of the unmanned station network.

As of the end of the first quarter, Neste Oil had 881 (898) stations in Finland and 288 (273) in the Baltic Rim and Russia.

Oil Retail's 12-month comparable return on net assets was 7.1% (16.3%).


Shares, share trading, and ownership

A total of 76,134,442 Neste Oil shares were traded in the first quarter, totaling EUR 0.8 billion. The share price reached EUR 11.62 at its highest and EUR 8.80 at its lowest, and closed the quarter at EUR 10.02, giving the company a market capitalization of EUR 2.6 billion as of 31 March 2009. An average of 1.2 million shares were traded daily, equivalent to 0.5% of shares outstanding.

Neste Oil's share capital registered with the Company Register as of 31 March 2009 totaled EUR 40 million, and the total number of shares outstanding is 256,403,686. The company does not hold any of its own shares, and the Board of Directors has no authorization to buy back company shares or to issue convertible bonds, share options, or new shares.

At the end of March, the Finnish state owned 50.1% of outstanding shares, foreign institutions 17.4%, Finnish institutions 20.4%, and Finnish households 12.0%.


Organizational restructuring

Neste Oil announced on 5 February 2009 that it intended reorganizing its operations around three business areas and seven common functions. The new structure is designed to give the company a more cost-efficient and customer-driven operating model, and one that will be better capable of implementing the corporate strategy. The new matrix organization will ensure that the best practices and know-how of business areas and functions will benefit the entire company, and that new international units, such as the renewable diesel plants currently being built, can be integrated into the Group's operations more effectively and that reporting will be more efficient.

The new organization reflecting this was introduced on 1 April 2009. The new business areas will act as profit centers and will be responsible for their customers, products, and business development. The business areas are as follows: Oil Products, Renewable Fuels, and Oil Retail. Activities outside these business areas are grouped under Others. The common functions are: Production & Logistics, Finance, Human Resources, Sustainability & HSE, Technology & Strategy, Communications, and Legal Affairs.

The Specialty Products Division has been amalgamated into the Oil Products business area. Shipping operations are reported in the business areas that use them, and the Shipping business has been incorporated into Production & Logistics.

As of 1 April, the Neste Executive Board (NEB) comprises the following members: Matti Lievonen, President & CEO; Matti Lehmus, Executive Vice President, Oil Products; Jarmo Honkamaa, Executive Vice President, Renewable Fuels, Deputy CEO; Sakari Toivola, Executive Vice President, Oil Retail; Ilkka Poranen, Senior Vice President, Production & Logistics; Ilkka Salonen, CFO; Hannele Jakosuo-Jansson, Senior Vice President, Human Resources, Simo Honkanen, Senior Vice President, Sustainability & HSE; Osmo Kammonen, Senior Vice President, Communications, Marketing and Public Affairs; and Lars Peter Lindfors, Senior Vice President, Technology & Strategy. Matti Hautakangas, General Counsel, acts as secretary to the NEB.

The Neste Executive Management Board comprises the President & CEO, business area executive vice presidents, the CFO, and the Senior Vice President, Production & Logistics.


Annual General Meeting

Neste Oil's Annual General Meeting 2009 was held after the reporting period on 3 April at the Helsinki Fair Centre. The AGM adopted the company's financial statements and consolidated financial statements for 2008 and discharged the Supervisory Board, Board of Directors, and management from liability for 2008. The AGM also approved the Board of Directors' proposal regarding the distribution of the company's profit for 2008, sanctioning payment of a dividend of EUR 0.80 per share. Payment was made on Friday, 17 April 2009.

In accordance with a proposal made by the AGM Nomination Committee, the AGM confirmed the membership of the Board of Directors at eight members, and the following were re-elected to serve until the end of the next AGM: Mr. Timo Peltola, Mr. Mikael von Frenckell, Mr. Michiel Boersma, Ms. Ainomaija Haarla, Ms. Nina Linander, Mr. Markku Tapio and Ms. Maarit Toivanen-Koivisto. Mr. Hannu Ryöppönen was elected as a new member. Mr. Timo Peltola will continue as Chairman and Mr. Mikael von Frenckell as Vice Chairman. The AGM decided to pay the following remuneration to the Board: Chairman EUR 66,000 a year, Vice Chairman EUR 49,200 a year, and members EUR 35,400 a year. In addition, those participating at Board meetings and meetings convened by the Board's committees will receive a payment of EUR 600 per meeting, together with their traveling costs, in accordance with the company's travel policy. A payment of double this, EUR 1,200 per meeting, will be made to Board members living outside Finland.

The AGM confirmed that the Supervisory Board shall comprise eight members and the following members were elected: Ms. Heidi Hautala (Chairman), Mr. Kimmo Tiilikainen (Vice Chairman), Mr. Esko Ahonen, Mr. Mikael Forss, Mr. Timo Heinonen, Mr. Markus Mustajärvi, Ms. Jutta Urpilainen, and Ms. Anne-Mari Virolainen. Mr. Kimmo Tiilikainen was elected for the first time. Members are all Finnish Members of Parliament, with the exception of Mr. Mikael Forss, who is a Director at the Social Insurance Institution of Finland. No changes were made to the remuneration paid to the Supervisory Board, which remains as follows: Chairman EUR 1,000 a month, Vice Chairman EUR 600 a month, and members EUR 500 a month. In addition, those participating at Supervisory Board meetings receive a payment of EUR 200 per meeting.

In accordance with a proposal by the Board of Directors, Ernst & Young Oy, Authorized Public Accountants, were appointed as the company's Auditor, with Authorized Public Accountant Anna-Maija Simola as Responsible Auditor, until the end of the next AGM. Payment for their services shall be made in accordance with their invoice that is accepted by the company.

Following a proposal by the Prime Minister's Office, representing the Finnish State, the AGM decided to establish a Nominations Committee to prepare proposals covering the members of the Board of Directors and their remuneration for consideration by the next AGM. The Nomination Committee comprises representatives of the Company's three largest shareholders and shall also include, as expert members, the Chairman of the Board, together with one member elected by the Board from among its members unaffiliated with any of the Company's major shareholders. The right to appoint the shareholder representatives on this Committee will lie with the three shareholders holding the largest number of votes associated with all the company's shares on 2 November preceding the AGM. In the event that a shareholder does not wish to exercise his right to appoint a representative, this right shall pass to the next-largest shareholder. The company's largest shareholders shall be determined on the basis of the information on holdings registered in the book-entry system, with the proviso that the holdings of a shareholder required under securities legislation to flag certain changes in his holdings, and with shares spread across a number of funds, for example, shall be combined if the shareholder informs the company of his wishes to this effect in writing by 30 October 2009. The Chairman of the Board of Directors will be responsible for convening the Committee, and the Committee's members will appoint a Chairman from among themselves. The Nominations Committee will present their proposal to the Board of Directors by 1 February prior to the AGM at the latest.

Convening after the Annual General Meeting, Neste Oil's Board of Directors elected the members of its two Committees. Timo Peltola was elected Chairman and Michiel Boersma, Mikael von Frenckell, and Ainomaija Haarla as members of the Personnel and Remuneration Committee. Nina Linander was elected Chairman and Hannu Ryöppönen, Markku Tapio, and Maarit Toivanen-Koivisto as members of the Audit Committee.




Personnel

Neste Oil employed an average of 5,252 (4,912) employees in January-March period. At the end of March, the company had 5,264 employees (31 March 2008: 5,114).


Health, safety, and the environment

The indicator for safety performance used by Neste Oil - total recordable injury frequency (TRIF, number of cases per million hours worked) for all work done for the company, combining the company's own personnel and contractors - stood at 2.9 (5.2) at the end of March 2009. The target for 2009 is below 4.

The lost workday injury frequency (LWIF) stood at 2.0. The target is below 2.

Strategy implementation

Neste Oil's current capital projects consist of new plants designed to increase production of renewable diesel and high-quality base oil.

Strategic projects

Construction of the renewable diesel plants in Singapore and Rotterdam has proceeded according to plan. Mechanical completion of the plant is expected to be achieved in summer 2010. The start-up is scheduled for the third quarter of 2010. The project is proceeding in line with its original budget of EUR 550 million.

The Rotterdam plant is scheduled for completion in the first half of 2011. The project is proceeding according to schedule and its original budget of EUR 670 million.

A joint venture between Neste Oil and the Bahrain Petroleum Company (Bapco) has started construction of a high-quality lubricant base oil plant in Bahrain. The plant will have an annual capacity of 400,000 tons of VHVI (Very High Viscosity Index) base oil for use in blending top-tier lubricants. Completion is scheduled for the end of 2011. Neste Oil's share of the JV is 45% and its estimated share of the investment cost is EUR 115-135 million.

Construction of an isomerization unit at the Porvoo refinery has been postponed.


Potential short-term and long-term risks

The oil market has been very volatile. Oil refiners are exposed to a variety of political and economic trends and events, as well as natural phenomena that affect the short- and long-term supply of and demand for the products that they produce and sell.

The largest uncertainty here continues to be the slowdown of the world economy, which is likely to reduce the demand for petroleum products. This has already materialized during the last couple of quarters and has now extended to demand for diesel, which is Neste Oil's most important product. The problems on the international financial market have also increased the level of uncertainty. As a consequence, managing customer receivables risks has become even more important. Sudden and unplanned outages at Neste Oil's production units or facilities continue to represent a short-term risk.

Rapid and large changes in feedstock and product prices may lead to significant inventory gains or losses, or change in working capital that may have a material impact on the company's IFRS operating profit and net cash from operations.

Over the longer term, access to funding and rising capital costs, as well as challenges in procuring and developing new competitive and reasonably priced raw materials, may impact the company's growth plans.

The implementation of biofuel legislation in the EU and other key market areas may influence the speed at which the demand for these fuels develops.

The key market drivers for Neste Oil's financial performance continue to be international refining margins, the price differential between Russian Export Blend (REB) and Brent crude, and the USD/EUR exchange rate.

For more detailed information on Neste Oil's risks and risk management, please refer to the company's Annual Report and Financial Statements for 2008.


Outlook

The outlook for the global economy has not improved during the first months of 2009, and oil demand forecasts have been revised down continuously. In April, the International Energy Agency forecasted that oil demand is likely to decrease globally by 2.8% and in OECD countries by 4.9% in 2009.

This reduction in demand will coincide with new refining capacity coming on stream, which will put further pressure on refining margins. Together with a lower level of economical activity, this has already had a negative impact on diesel margins, which are expected to stay well lower compared to those seen in previous years. A modest recovery is expected in the US gasoline market, and slightly better gasoline margins are now expected compared to the previous outlook published in February.

Demand for base oils is likely to stay weaker compared to 2008, due to the soft market for lubricants. As a result, Neste Oil will shut down its PAO plant in Beringen, Belgium in May for four weeks and make temporary lay-offs. Freight rates for oil tankers look set to remain very weak throughout the year.

The Renewable Fuels segment is unlikely to report positive results in 2009, due to increasing costs linked to the expansion of the business. This is despite the second facility at Porvoo coming on stream in the third quarter of 2009.

Low demand will continue to be reflected in Oil Retail's sales volumes and margins. The devaluation of local currencies in some countries is likely to put pressure on operations outside of Finland.

Despite planned maintenance at some units, operational performance at Neste Oil's refineries should be better in 2009 than in 2008. A planned two-month maintenance and process improvement shutdown started on Production Line 4 at Porvoo in mid-April to enhance the line's productivity.

As already disclosed in the Financial Statements for 2008 in February, the Group will continue to address its fixed costs. Results from this will be discussed in the second half of 2009.

The Group's investments are estimated to be around EUR 890 million in 2009, which is lower than the previous forecast of EUR 950 million published in February. Maintenance investments will account for around EUR 160 million (previously 180 million), productivity investments around EUR 40 million (previously 60 million), and strategic investments around EUR 690 million (previously 710 million).



Reporting date for the second-quarter 2009 results

Neste Oil will publish its second-quarter results for 2009 on 30 July 2009 at approximately 9:00 a.m. EET.

Espoo, 27 April 2009

Neste Oil Corporation
Board of Directors


The preceding information contains, or may be deemed to contain, "forward-looking statements". These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties, and other factors that may cause Neste Oil Corporation's or its businesses' actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," or "continue," or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements made in this report are based on information presently available to management and Neste Oil Corporation assumes no obligation to update any forward-looking statements. Nothing in this report constitutes investment advice and this report shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity.




NESTE OIL GROUP
JANUARY- MARCH 2009
Unaudited


CONSOLIDATED INCOME STATEMENT
MEUR
                         Note                                 Last 12
                                  1-3/2009 1-3/2008 1-12/2008  months

Revenue                     3        2 053    3 297    15 043  13 799
Other income                             7       16        44      35
Share of profit (loss)
of associates and joint                                             0
ventures                    3           -7        1        13       5
Materials and
services                            -1 628   -2 816   -13 657 -12 469
Employee benefit
costs                                  -79      -75      -315    -319
Depreciation,
amortization and
impairments                 3          -55      -59      -223    -219
Other expenses                        -196     -160      -719    -755
Operating profit                        95      204       186      77

Financial income and expenses
Financial income                         1        2         8       7
Financial expenses                     -17      -13       -70     -74
Exchange rate and fair value
gains and
losses                                   2       -2         5       9
Total financial income and
expenses                               -14      -13       -57     -58

Profit before income taxes              81      191       129      19
Income tax expense                     -20      -48       -28       0
Profit for the period                   61      143       101      19

Profit attributable
to:
Owners of the parent                    60      142        97      15
Minority interest                        1        1         4       4
                                        61      143       101      19

Earnings per share from
profit
attributable to the
owners
of the parent basic and
diluted (in euro per
share)                                0,24     0,56      0,38    0,06


STATEMENT OF
COMPREHENSIVE  INCOME
                                       1-3      1-3      1-12 Last 12
MEUR                                  2009     2008      2008  months
Profit for the period                   61      143       101      19
Other comprehensive
income for the
period,
net of tax
Translation
differences                             -5      -16       -44     -33
Cash flow hedges
recorded in equity                     -25       37       -23     -85
transferred to income
statement                               20      -19       -25      14
Net investment hedges                    0        0         0       0
Hedging reserves in
associates and joint
ventures                                 0        0        -1      -1
Other comprehensive
income for the period,
net of tax                             -10        2       -93    -105

Total comprehensive
income for the period                   51      145         8     -86

Total comprehensive
income attributable
to:
Owners of the parent                    50      144         4     -90
Minority interest                        1        1         4       4
                                        51      145         8     -86







CONSOLIDATED
BALANCE SHEET
                                                         31     31
                                                      March  March 31 Dec
MEUR                  Note                             2009   2008   2008

ASSETS
Non-current assets
Intangible assets        4                               51     53     51
Property, plant and
equipment                4                            2 779  2 444  2 675
Investments in
associates and joint
ventures                                                144    181    152
Non-current receivables                                  11      5     13
Pension assets                                          104     82    105
Deferred tax
assets                                                   12      6     16
Derivative financial
instruments              5                               10     20     16
Available-for-sale
financial assets                                          1      2      1
Total non-current
assets                                                3 112  2 793  3 029

Current assets
Inventories                                             905  1 221    637
Trade and other
receivables                                             799  1 012    786
Derivative financial
instruments              5                              118    157    213
Cash and cash
equivalents                                              46     63     55
Total current
assets                                                1 868  2 453  1 691

Total assets                                          4 980  5 246  4 720

EQUITY
Capital and reserves
attributable to the owners
of the parent
Share capital                                            40     40     40
Other equity             2                            2 180  2 270  2 131
Total                                                 2 220  2 310  2 171
Minority interest                                         9      6      8
Total equity                                          2 229  2 316  2 179

LIABILITIES
Non-current
liabilities
Interest-bearing
liabilities                                             974  1 111    926
Deferred tax
liabilities                                             290    299    297
Provisions                                               25     15     24
Pension
liabilities                                              11     11     12
Derivative financial
instruments              5                               27     24     32
Other non-current
liabilities                                               3      2      3
Total non-current
liabilities                                           1 330  1 462  1 294

Current
liabilities
Interest-bearing
liabilities                                             289    164    133
Current tax
liabilities                                               5     22      1
Derivative financial
instruments              5                              159     86    197
Trade and other
payables                                                968  1 196    916
Total current
liabilities                                           1 421  1 468  1 247

Total liabilities                                     2 751  2 930  2 541

Total equity and
liabilities                                           4 980  5 246  4 720



CONSOLIDATED STATEMENT OF CHANGES IN TOTAL
EQUITY

                          Attributable to equity holders of the
                          Company
                    Share Reserve     Fair Translation    Re-    Mi-  Total
                      ca-    fund    value      diffe- tained nority equity
                    pital              and      rences   ear-  inte-
                                     other              nings   rest
MEUR                              reserves
Total equity at 1
January 2008           40      10       42         -11  2 342      4  2 427
Dividend paid                                            -256          -256
Share-based
compensation                            -1                               -1
Transfer from
retained earnings               1                          -1             0
Change in minority                                                 1      1
Total
comprehensive
income for the
period                                  18         -16    142      1    145
Total equity at 31
March
2008                   40      11       59         -27  2 227      6  2 316

                    Share Reserve     Fair Translation    Re-    Mi-  Total
                      ca-    fund    value      diffe- tained nority equity
                    pital              and      rences   ear-  inte-
                                     other              nings   rest
MEUR                              reserves
Total equity at 1
January 2009           40      10       -7         -54  2 182      8  2 179
Share-based
compensation                            -1                               -1
Transfer from
retained earnings               1                          -1             0
Change in minority                                                 0      0
Total comprehensive
income for the
period                                  -5          -5     60      1     51
Total equity at 31
March
2009                   40      11      -13         -59  2 241      9  2 229



CONDENSED CONSOLIDATED CASH
FLOW STATEMENT
                                             1-3       1-3      1-12
MEUR                                       /2009     /2008     /2008
Cash flow from operating
activities
Profit before taxes                           81       191       129
Adjustments, total                           108        78       249
Change in working
capital                                     -224      -337       248
Cash generated from
operations                                   -35       -68       626
Finance cost, net                             14       -23       -29
Income taxes paid                             38       -22       -85
Net cash generated from
operating activities                          17      -113       512
Capital expenditure                         -174       -75      -497
Acquisition of
subsidiary                                     -        -7       -10
Acquisition of
associates and joint
ventures                                       -         -        -1
Proceeds from sales of
fixed assets                                   3         2         9
Proceeds from sales of
shares                                         0         7        12
Change in other
investments                                  -56       -24        -8
Cash flow before
financing activities                        -210      -210        17
Net change in loans and
other financing
activities                                   201       468       244
Dividends paid to the
owners of
the parent                                     -      -245      -256
Net increase
(+)/decrease (-) in cash                      -9        13         5
and cash equivalents



KEY FINANCIAL
INDICATORS
                              31 March  31 March    31 Dec   Last 12
                                  2009      2008      2008    months
Capital employed, MEUR           3 491     3 591     3 237     3 491
Interest-bearing net
debt, MEUR                       1 217     1 212     1 004         -
Capital expenditure and
acquisition of subsidiary,
MEUR                               174        82       508       600
Return on average capital
employed, after tax, ROACE
%                                    -         -      13,1      11,6
Return on capital
employed, pre-tax, ROCE
%                                 11,7      24,0       6,1       2,6
Return on  equity, %              11,1      24,2       4,4       0,8
Equity per share, EUR             8,67      9,03      8,48         -
Cash flow per share, EUR          0,07     -0,44      2,00      2,51
Equity-to-assets ratio,
%                                 44,9      44,2      46,3         -
Gearing, %                        54,6      52,3      46,1         -
Leverage ratio, %                 35,3      34,3      31,5         -
Average number of shares     255903686 255903686 255903686 255903686
Number of shares at the
end of the period            255903686 255903686 255903686 255903686
Average number of
personnel                        5 252     4 912     5 174         -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS


1. BASIS OF PREPARATION AND ACCOUNTING POLICIES

The interim financial statements has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU. The interim report should be read in conjunction with the annual financial statements for the period ended 31 December 2008.

The accounting policies adopted are consistent with those of the Group's annual financial statements for the year ended 31 December 2008.

The Group applies revised standard IAS 1 Presentation of Financial Statements as of 1 January 2009. This revised standard separates changes in equity of an entity arising from transactions with owners from other changes in equity.

The following interpretations are mandatory for the financial year ending 31 December 2009, but not relevant for the Group:

- IFRIC 12 Service Concession Arrangements

- IFRIC 13 Customer Loyalty Programs

- Amendment to IFRS 2 Share based payments: Vesting Conditions and Calcellations

- Annual improvements 2008.

2. TREASURY SHARES

In 2007 Neste Oil entered into an agreement with a third party service provider concerning the administration of the new share-based management share performance arrangement for key management personnel. As part of the agreement, the service provider purchased a total of 500,000 Neste Oil shares in February 2007 in order to hedge part of Neste Oil's cash flow risk in relation to the future payment of the rewards, which will take place partly in Neste Oil shares and partly in cash during 2010 and 2013. Despite the legal form of the hedging arrangement, it has been accounted for as if the share purchases had been conducted directly by Neste Oil, as required by IFRS 2, Share based payments and SIC-12, Consolidation - Special purpose entities. The consolidated balance sheet and the consolidated changes in total equity reflect the substance of the arrangement with a deduction amounting to EUR 12 million in equity. This amount represents the consideration paid for the shares by the third party service provider.



3. SEGMENT INFORMATION

Neste Oil's operations are grouped into four segments: Oil Products, Renewable Fuels, Oil Retail and Others. Group administration, shared service functions as well as Research and Technology, Neste Jacobs and Nynas AB are included in the Others segment.


REVENUE                                                       Last 12
MEUR                              1-3/2009 1-3/2008 1-12/2008  months
Oil Products                         1 582    2 715    12 641  11 508
Renewable Fuels                         24       23       116     117
Oil Retail                             691      948     4 073   3 816
Others                                  42       31       143     154
Eliminations                          -286     -420    -1 930  -1 796
Total                                2 053     3297     15043   13799

OPERATING PROFIT                                              Last 12
MEUR                              1-3/2009 1-3/2008 1-12/2008  months
Oil Products                           106      197       183      92
Renewable Fuels                        -10        1         2      -9
Oil Retail                              12       11        25      26
Others                                 -11       -8       -29     -32
Eliminations                            -2        3         5       0
Total                                   95      204       186      77

COMPARABLE OPERATING
PROFIT                                                        Last 12
MEUR                              1-3/2009 1-3/2008 1-12/2008  months
Oil Products                            64      113       602     553
Renewable Fuels                         -7        2         2      -7
Oil Retail                              12        9        22      25
Others                                 -11       -8       -29     -32
Eliminations                            -2        3         5       0
Total                                   56      119       602     539

DEPRECIATION, AMORTIZATION AND
IMPAIRMENTS                                                   Last 12
MEUR                              1-3/2009 1-3/2008 1-12/2008  months
Oil Products                            44       46       175     173
Renewable Fuels                          2        2         7       7
Oil Retail                               7        8        31      30
Others                                   2        3        10       9
Total                                   55       59       223     219

CAPITAL EXPENDITURE AND
INVESTMENTS IN SHARES                                         Last 12
MEUR                              1-3/2009 1-3/2008 1-12/2008  months
Oil Products                            43       33       165     175
Renewable Fuels                        123       27       249     345
Oil Retail                               4        8        63      59
Others                                   4       14        31      21
Total                                  174       82       508     600

TOTAL ASSETS                               31 March  31 March  31 Dec
MEUR                                           2009      2008    2008
Oil Products                                  3 565     4 078   3 352
Renewable Fuels                                 549       198     450
Oil Retail                                      537       635     568
Others                                          274       294     265
Eliminations                                   -167      -189    -155
Total                                         4 758     5 016   4 480





NET ASSETS                                  31 March 31 March  31 Dec
MEUR                                            2009     2008    2008
Oil Products                                   2 660    2 951   2 436
Renewable Fuels                                  462      167     381
Oil Retail                                       321      362     351
Others                                           207      220     201
Eliminations                                       3        3       4
Total                                           3653     3703    3373

RETURN ON NET
ASSETS, %                          31 March 31 March   31 Dec Last 12
                                       2009     2008     2008  months
Oil Products                           16,6     28,3      6,4     3,2
Renewable Fuels                        -9,5      2,6      0,9    -3,0
Oil Retail                             14,3     11,8      6,8     7,3

COMPARABLE RETURN ON NET
ASSETS, %                          31 March 31 March   31 Dec Last 12
                                       2009     2008     2008  months
Oil Products                           10,0     16,2     21,2    19,4
Renewable Fuels                        -6,6      5,2      0,9    -2,3
Oil Retail                             14,3      9,7      6,0     7,1

QUARTERLY SEGMENT INFORMATION

QUARTERLY REVENUE
MEUR
                               1-3    10-12      7-9      4-6     1-3
                             /2009    /2008    /2008    /2008   /2008
Oil Products                 1 582    2 221    3 907    3 798   2 715
Renewable Fuels                 24       20       27       46      23
Oil Retail                     691      915    1 132    1 078     948
Others                          42       43       36       33      31
Eliminations                  -286     -394     -581     -535    -420
Total                         2053     2805     4521     4420    3297

QUARTERLY OPERATING PROFIT
MEUR
                               1-3    10-12      7-9      4-6     1-3
                             /2009    /2008    /2008    /2008   /2008
Oil Products                   106     -301       15      272     197
Renewable Fuels                -10       -9       -2       12       1
Oil Retail                      12       -6        9       11      11
Others                         -11      -38       21       -4      -8
Eliminations                    -2        2        1       -1       3
Total                           95     -352       44      290     204

QUARTERLY COMPARABLE
OPERATING PROFIT
MEUR
                               1-3    10-12      7-9      4-6     1-3
                             /2009    /2008    /2008    /2008   /2008
Oil Products                    64      154      173      162     113
Renewable Fuels                 -7      -10       -3       13       2
Oil Retail                      12       -5        7       11       9
Others                         -11      -38       21       -4      -8
Eliminations                    -2        2        1       -1       3
Total                           56      103      199      181     119


QUARTERLY DEPRECIATION, AMORTIZATION AND IMPAIRMENTS
MEUR
                               1-3    10-12      7-9      4-6     1-3
                             /2009    /2008    /2008    /2008   /2008
Oil Products                    44       44       44       41      46
Renewable Fuels                  2        2        2        1       2
Oil Retail                       7        6        9        8       8
Others                           2        3        1        3       3
Total                           55       55       56       53      59

QUARTERLY CAPITAL EXPENDITURE
AND INVESTMENTS IN SHARES
MEUR
                               1-3    10-12      7-9      4-6     1-3
                             /2009    /2008    /2008    /2008   /2008
Oil Products                    43       47       46       39      33
Renewable Fuels                123      108       64       50      27
Oil Retail                       4       22       18       15       8
Others                           4        8        3        6      14
Total                          174      185      131      110      82


4. CHANGES IN INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT AND CAPITAL COMMITMENTS

CHANGES IN INTANGIBLE ASSETS AND PROPERTY,
                                                  31
PLANT AND EQUIPMENT                            March 31 March 31 Dec
MEUR                                            2009     2008   2008
Opening balance                                2 726    2 477  2 477
Depreciation, amortization and
impairments                                      -55      -59   -223
Capital
expenditure                                      174       75    497
Disposals                                         -3       -1     -8
Translation
differences                                      -12       -6    -28
Acquired group
companies                                          0       11     11
Closing balance                                2 830    2 497  2 726

                                                  31
CAPITAL COMMITMENTS                            March 31 March 31 Dec
MEUR                                            2009     2008   2008
Commitments to purchase property,
plant and equipment                              570      143    540
Commitments to purchase intangible
assets                                             0        0      0
Total                                            570      143    540


5. DERIVATIVE
FINANCIAL INSTRUMENTS  31 March       31 March         31 Dec
                           2009           2008           2008
Interest rate and
currency
derivative
contracts and
share forward
contracts               Nominal   Net  Nominal   Net  Nominal    Net
                                 fair           fair            fair
MEUR                      value value    value value    value  value
Interest rate
swaps                       477   -18      368    -2      475    -13
Forward foreign
exchange
contracts                 1 379     0    1 319    46    1 381     17
Currency options
Purchased                   230    -5      450    25      336     -5
Written                     178   -10      264     3      256    -11
Share forward
contracts                     9    -5       14    -1       14     -8


Oil and freight                   Net            Net             Net
derivative                       fair           fair            fair
contracts                Volume value   Volume value   Volume  value
                        million        million        million
                            bbl  Meur      bbl  Meur      bbl   Meur
Sales contracts              42    27       66   -41       28    166
Purchase
contracts                    31   -48       79    36       32   -147
Purchased options             2    -9        1     0        1    -12
Written options               2     9        1     0        1     12

The fair values of derivative financial instruments subject to public trading are based on market prices as of the balance sheet date. The fair values of other derivative financial instruments are based on the present value of cash flows resulting from the contracts, and, in respect of options, on evaluation models. The amounts also include unsettled closed positions. Derivative financial instruments are mainly used to manage the Group's currency, interest rate and price risk.






6. RELATED PARTY TRANSACTIONS

Details of transactions between the Group and associates/joint ventures are disclosed below.


                                                    1-3   1-3   1-12
Transactions carried out with
associates and joint ventures                     /2009 /2008  /2008
Sales of goods and
services                                              4     5    110
Purchases of goods and
services                                              8    10     72
Receivables                                           6     4     14
Financial income and
expenses                                              0     0      0
Liabilities                                           1     2      9


7. CONTINGENT LIABILITIES
                                                     31    31
                                                  March March 31 Dec
MEUR                                               2009  2008   2008
Contingent liabilities
On own behalf for debt
Pledged assets                                        -     2      -
Total                                                 -     2      -
On own behalf for
commitments
Real estate mortgages                                26    26     26
Pledged assets                                        2     2      3
Other contingent
liabilities                                          41    35     37
Total                                                69    63     66
On behalf of associates
and joint ventures
Guarantees                                            6     3      5
Other contingent
liabilities                                           1     1      2
Total                                                 7     4      7
On behalf of others
Guarantees                                           12    12     12
Total                                                12    12     12
Total                                                88    81     85

                                                     31    31
                                                  March March 31 Dec
MEUR                                               2009  2008   2008
Operating lease
liabilities
Due within one year                                 112   103    106
Due between one and five years                      253   187    262
Due later than five years                           362   108    465
Total                                               727   398    833

The Group's operating lease liabilities primarily relate to hydrogen supply contracts, time charter vessels, land and office space.

Other contingent Liabilities

Neste Oil Corporation has a collective contingent liability with Fortum Heat and Gas Oy of the demerged Fortum Oil and Gas Oy's liabilities based on the Finnish Companies Act's Chapter 17 Paragraph 16.6.


CALCULATION OF KEY FIGURES

CALCULATION OF KEY FINANCIAL INDICATORS

Operating profit = Operating profit includes the revenue from the sale of goods and services, other income such as gain from sale of shares or non-financial assets, share of profits (loss) of associates and joint ventures, less losses from sale of shares or non-financial assets, as well as expenses related to production, marketing and selling activities, administration, depreciation, amortization, and impairment charges. Realized and unrealized gains or losses on oil and freight derivative contracts together with realized gains and losses from foreign currency and oil derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the income statement, are also included in operating profit.

Comparable operating profit = Operating profit -/+ inventory gains/losses -/+ gains/losses from sale of shares and non-financial assets - unrealized change in fair value of oil and freight derivative contracts

Return on equity, (ROE) % = 100 x (Profit before taxes - taxes) / Total equity average

Return on capital employed, pre-tax (ROCE) % = 100 x (Profit before taxes + interest and other financial expenses) / Capital employed average

Return on average capital employed, after-tax (ROACE) % = 100 x (Profit for the period (adjusted for inventory gains/losses, gains/losses from sale of shares and non-financial assets and unrealized gains/losses on oil and freight derivative contracts, net of tax) + minority interest + interest expenses and other financial expenses related to interest-bearing liabilities (net of tax)) / Capital employed average

Capital employed = Total assets - interest-free liabilities - deferred tax liabilities -provisions

Interest-bearing net debt = Interest- bearing liabilities - cash and cash equivalents

Leverage ratio, % = 100 x Interest- bearing net debt / (Interest- bearing net debt + Total equity)

Gearing, % = 100 x (Interest bearing net debt / Total equity)

Equity-to assets ratio, % = 100 x Total equity / (Total assets - advances received)

Return on net assets, % = 100 x Segment operating profit / Average segment net assets

Comparable return on net assets, % = 100 x Segment comparable operating profit / Average segment net assets

Segment net assets = Property, plant and equipment, intangible assets, investment in associates and joint ventures, pension assets, inventories and interest-free receivables and liabilities allocated to the business segment, provisions and pension liabilities

CALCULATION OF SHARE-RELATED INDICATORS

Earnings per share (EPS) = Profit for the period attributable to the equity holders of the company / Adjusted average number of shares during the period

Equity per share = Shareholder's equity attributable to the equity holders of the company/ Adjusted average number of shares at the end of the period

Cash flow per share = Net cash generated from operating activities / Adjusted average number of shares during the period

Interim Report Q1 2009: http://hugin.info/133386/R/1308802/301941.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

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